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JANA Global Share Long Short Trust

The fund provides access to selection of specialist long short investment managers. It invests predominantly in global shares and may also hold cash and may use derivatives. The investment managers employ a long short investment strategy and generally aim to be 100% long on a net exposure basis. The currency exposure to global shares is expected to be substantially unhedged. However, the investment managers may employ currency hedging from time to time to reduce risk or enhance performance. The investment managers may use derivatives or borrow shares for short selling strategies.